Press Statement: Vard’s Confusing EGM – SIAS calls on Fincantieri to extend offer

Date: May 2, 2018

Following the complaints about the confusing VARD EGM on Monday, shareholders of Vard have approached SIAS to express their unhappiness as to how Vard conducted the EGM with respect to the delisting proposal. SIAS has been in contact with SGX and understands that RegCo has prioritized and will expedite its review of the conduct of the proceedings of the EGM and the issues raised regarding disclosures in the Delisting Circular to determine whether Shareholders’ approval for the Delisting Resolution was properly obtained.

Given that SGX is currently reviewing the conduct of the proceedings of the EGM, SIAS calls upon Fincantieri to extend the offer period to allow shareholders sufficient time to evaluate and accept the offer following the result of the SGX review.

David Gerald
President & CEO
Securities Investors Association (Singapore)